6768. Citizens Bank (La Cygne, KS)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
February 22, 1901
Location
La Cygne, Kansas (38.350, -94.761)

Metadata

Model
gpt-5-mini
Short Digest
e49259e3

Response Measures

None

Description

State bank examiner/deputy took charge and stopped business in Feb 1901; later the bank was in receivership and property sold in Nov 1901. No article describes a depositor run. 'Citizen's bank' rendered as 'Citizens Bank'.

Events (2)

1. February 22, 1901 Suspension
Cause
Government Action
Cause Details
Deputy state bank examiner (Myron A. Waterman) took charge and closed the bank for investigation due to things looked bad and unsatisfactory condition; possible shortage under inquiry.
Newspaper Excerpt
Thursday morning, immediately after the Citizens' bank opened for business, Myron A. Waterman, deputy bank examiner, took charge of the institution and stopped the business. He closed it for investigation.
Source
newspapers
2. November 13, 1901 Receivership
Newspaper Excerpt
L. G. Porter, receiver of the Citizens' bank of this place, has sold the bank building and bank fixtures of that defunct institution ... realizing the amount of $4,885.
Source
newspapers

Newspaper Articles (3)

Article from The Globe-Republican, February 28, 1901

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Article Text

The state bank commissioner has taken charge of the Citizen's Bank of La Cygne. A colored barber in Atchison has spent $450 in reaching the 32nd degree in Masonry. County Attorney Berry, of Marshall county has commenced the work of closing joints. The Woodmen in session in Wichita voted that their next session shall be held in Emporia. Jerry Simpson has bought a $2,400 residence in Wichita and proposes to make it his home. Lawrence has granted a franchise to L. M. Erb, of New York, for an electric street railway. The three grand Masonic bodies held their annual sessions in Wichita, commencing February 18. It is now predicted that all of the exposition appropriations will be beaten in the legislature. During the late snow storms a central Branch train was 17 hours getting over 42 miles of track. The bill for an agricultural experiment station on the Fort Hays reservation carries $18,000. It is said that U. S. Marshal W. E. Sterne will move to California when his term of office expires. A drilling outfit has been purchased to make oil prospecting holes in the earth in and about Ottawa. Mrs. Kansas Eifert died in Pleasanton, within sight of the house in which she was born 43 years ago. The joints in Lawrence are mostly run by colored toughs, and there are many colored bootleggers. Ottawa wants some hotel man that has the stuff to do it, to put a hotel in their city to fit its 7,000 population. It is now announced that Secretary George W. Martin has given up his plan to compile a history of Kansas. Charles E. Gault, a prominent attorney of Topeka, has smallpox. The disease is quite prevalent in the city. A Pennsylvania man proposes to connect the mineral cities of Crawford and Cherokee counties with a trolley line. Two Kansas men have bought 2,068 acres of pasture and meadow land in Sedgwick county, paying for it $27,000. An invitation has been given to President McKinley to attend the G. A. R. state encampment at Junction City on May 8. B. F. Stocks, of Garden City, is seeking appointment as a member of the board of regents of the state normal at Emporia. A body of Arkansas City women pledged themselves to withhold all their trade from merchants who do not favor law and order. The Kansas Day club, a state organization, has met at ten annual banquets and at none of them has there been a drop of wine, whisky or beer. The national banks of Wichita, according to their statement for February 5, held as deposits, $2,963,664.84. Their last preceding statement was made for December 13, last, which showed deposits of $2,468,529.71. This shows an increase of $477,135.13 in less than two months. There are a number of people in the departments at Washington credited to Kansas, whom the Kansas members do not know. Congressman Miller finds 25 credited to him in the interior department whom he does not know. There will be a weeding out. Justice Brewer, who left the Kansas supreme court for his present place on the supreme bench of the United States, says that in his thirty years experience on the bench he has never been approached with a bribe or any intimation that a bribe might be his. The employes of the state senate that tried the Fallon-Stuart judicial contest in 1898 have put in claims for their services aggregating $5,000. The auditorium prepared for the rendition of the Messiah at Lindsborg seats 31,000 people. The affair commences March 31st and extends to April 7. The secretary of the Wichita W. C. T. U. informs the Eagle that resolutions have been passed that the saloon must go and that they will not accept any kind of a compromise. There are still between 400 and 500 rural delivery routes in Kansas being considered by the postoffice department. Farmers' institutes have been con-


Article from The Vermont Watchman, March 6, 1901

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Article Text

LA CYGNE BANK CASE. The La Cygne (Kansas) Journal of February 22 contains the following: "Thur-day morning, immediately after the Citizens' bank opened for business, Myron A. Waterman, deputy bank examiner, took charge of the institution and stopped the business. He closed it for investigation. George S. Turner cashier of the bank, boarded the train Wednesday afternoon stating that he was going to Vermont where his wife is in very poor health. Leslie A. King, who is & bookkeeper, opened the bank for business Thursday morning, but it was only a few minutes until thejex. aminer took charge as above stated. "This (Friday) morning we called on Mr. Waterman and asked if he had any statement regarding the condition of things. He said things looked bad-decidedly unsatisfactory. However, the examiner thinks that, unless some greater shortage shows up than has 80 far, every depositor will be paid in full. In all probability a special deputy examiner will be put in charge of the bank's affairs and a settlement will be made within ninety days." Mr. Turner was many years ago a resident. Montpelier, clerk in the store of A. L. Carleton. On the death of Major Carleton the business was continued in partnership with A. J. Howe and subsequently Mrs. Carleton represented her interest in the business. Mr. Turner afterwards went to Kansas, married the widow of his former employer and some years ago organized the Citizens' bank at La Cygne. Mr. Turner arrived in Montpelier on Wednesday, where his wife has been residing for several months past, and where she is now in & delicate condition of health. Mr. Turner states that the bank was unfortunate in 1893, making some losses in the financial disturbances of that year. Its capital is $25,000, and himself and wife hold a majority of the stock. Its deposits, largely from the farmers of the region, run from some $50,000 to $60,000. It is a State institutiob, issues no circulating notes, and was organized for the purpose of receiving deposits, selling exchange and making loans. Mr. Turner says there are no irregularities in the bank management. The disturbance arises from local, political and other causes. He has been somewhat in polítics, and politics out there has few of the amenities of life. In the conflicts of politics some enmities have been created, and this publication, Mr. Turner says, has its origin in these local sources of hostility. Mr. Turner came East to visit his wife here at Montpelier, whose condition of health is as stated above. It was his purpose to send his nephew from Kansas City to represent him in the bank during his absence. He had no idea or intimation that the institution would be closed, and it is his purpose to return 80 soon as the condition of Mrs. Turner will permit. J. L. Tuttle, chief of police, has received telegrams from La Cygne and Mound City, requesting him to arrest Mr. Turner on certain charges, but the officer has not felt warranted to act on these requests which have lacked the proper credit or authority. All the circumstances appear to substantiate Mr. Turner's version of this affair. He was highly respected when a resident of Montpelier. Former friends here will need something more conclusive than present indications to convince them that there is anything wrong in his connection with the bank.


Article from The Topeka State Journal, November 13, 1901

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Article Text

Sale of La Cygne Bank. La Cygne, Kas., Nov. 13.-L. G. Porter, receiver of the Citizens' bank of this place, has sold the bank building and bank fixtures of that defunct institution to Mr. Gluchlich, a merchant here, for the round sum of $3,600. He also sold a vacant lot adjoining the bank building for $850, and 80 acres of rough land for $435, realizing the amount of $4,885, a sum $1,600 in excess of the appraised value of the property sold.